The Sea of Red
We can't go up All the Time!
The TOP coins in the market are trending down. XRP and DOGE have flipped their Daily Trend negative while others like Bitcoin and Ethereum are hanging on for dear life! ATOM and NEAR are still holding onto their Daily Trends but you can see the pullback growing for both from the M5 to the M30 with the H1 starting to change direction as well.
For those who are new to the Crypto Market – be still your hearts – this is par for the course. Even though Bitcoin rules the roost, there are generally some outliers that do their own thing as they break away from the pack.
The SHITPERP
The SHITPERP from FTX attempts to provide a basket of assets in the low MCAP area of the Crypto Market.
Assets in the SHITPERP are coins like:
MATIC
MANA
HBAR
THETA
BTT
ENJ
CHZ
LRC
And 34 more for a total of 42 low MCAP coins.
Two very important things recently happened that do not look good for the SHITPERP. The first thing was losing the upward sloping trendline support. Tested and verified to hold, this level was broken on January 5th,
The second bearish news is the flip from Support to Resistance for the Horizontal Zone from 7253 – 6963. Trading under BOTH of these levels is not a good thing for Shitcoins as a whole because it shows that money is flowing out of these types of projects.
We do have Support levels that we will mention. Two zones in particular that we like:
Zone One: 5144 – 4871
Zone Two: 3537 – 3264
The MIDPERP
MIDPERP has it’s own issues and of course, a different set of Coins.
DCR
XLM
LINK
ATOM
CRO
NEO
And the list goes on and on of course. Another note about these perps is that they are always changing and being updated. FTX will add some coins and take away some coins. They also change the weight of the individual coins as well.
Now, MIDPERP is currently in a Channel but has found resistance again on the downward sloping trend from the ATH. Couple that with the horizontal between 3714 – 3611 and we have a recipe for downward pressure.
The thing to watch for here is a breakout of the downward sloping trendline or a breakdown from the channel support. We are currently in a Support Zone at the moment but we do have another coming up at 2250.
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